According to the research report “Battery Materials Market by Battery Type (Lead-acid, Lithium-ion), Material (Cathode, Anode, Electrolyte, Separator), Application (Automotive, EVs, Portable Devices, Industrial), and Region (APAC, North America, Europe, RoW) – Global Forecast to 2023″, the Battery Materials Market is projected to grow from USD 43.50 Billion in 2018 to USD 65.78 Billion by 2023, at a CAGR of 8.62% between 2018 and 2023. APAC is expected to lead the global Battery Materials Market during the forecast period.
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These players have adopted various strategies, such as investments & expansions, mergers & acquisitions, and partnerships & agreements to grow in the Battery Materials Market. Investments & expansions was the key strategy adopted by the major players to grow in the Battery Materials Market between 2015 and 2017. This strategy accounted for a share of 61% of the total growth strategies adopted by key market players. This strategy has helped companies enhance their capacity and expand their global presence.
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The lithium-ion segment is the fastest growing battery type segment of the global Battery Materials Market. The increase in the use of lithium-ion batteries in EVs and various portable devices such as smartphones, cameras, watches, and tablets are expected to drive the global lithium-ion Battery Materials Market until 2023. The R&D and innovation by various battery manufacturers in the field of lithium-ion batteries are expected to reduce its cost.
The automotive subsegment of the lead-acid application segment is expected to witness the highest growth during the forecast period. This growth can be attributed to the increasing demand for SLI batteries in the automotive industry in the developed economies, including China and the US.
APAC is expected to be the fastest-growing market for battery materials. The growing use of batteries in renewable energy and industrial sectors will be one of the major factors influencing the growth of the Battery Materials Market in APAC. Furthermore, the rise in the demand for electronic devices such as smartphones and tablets, and strict government regulations to reduce pollution levels will also drive the Battery Materials Market in APAC.
The Battery Materials Market is a high growth market globally. Manufacturing companies, research institutions, and battery makers are investing heavily in technological advancements of these batteries. These investments are made to create batteries with high power density, long life cycle, low cost, high performance, and that are environment-friendly. Materials have high demand at a global level, and their manufacturing is mainly led by the Asian countries such as Japan, China, and South Korea. The current demand is for low-cost batteries in this industry; manufacturers prefer materials that are cost-effective and offer high performance. Major applications of battery materials are in batteries used in portable devices, automotive, industrial, and power tools.
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